Business
Crown Crafts Announces Financial Results for Third Quarter Fiscal 2024
GONZALES, La., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the third quarter fiscal year
About this update from Crown Crafts, Inc.
[{"type":"text","content":"GONZALES, La., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the third quarter fiscal year 2024, which ended December 31, 2023. Third Quarter Summary Net sales of $23.8 million, an increase of 25.2% from the prior-year quarter Gross profit as a percentage of net sales of 27.0%, up from 23.7% in the third quarter of fiscal 2023Net income of $1.7 million, or $0.17 per diluted share, compared to $1.3 million or $0.13 per diluted share in the prior-year quarterDeclared quarterly dividend of $0.08 per share of Series A common stock “Our third quarter fiscal 2024 results reflect the contribution of Manhattan Toy and the steps we have implemented to achieve operating efficiencies and expand our toy offerings and customer base,” said Olivia W. Elliott, President and Chief Executive Officer. “Overall, the consumer continues to be impacted by the ongoing inflationary pressures which has reduced their discretionary income and overall purchasing power. Going forward, we remain focused on delivering top and bottom-line performance while positioning our brands for growth as conditions improve.” Third Quarter and Nine-Month Fiscal 2024 Results Net sales for the third quarter of fiscal year 2024 were $23.8 million, compared to $19.0 million in the prior-year quarter. Gross profit as a percentage of net sales was 27.0% versus 23.7% in the third quarter of 2023. Net income was $1.7 million, or $0.17 per diluted share, compared with $1.3 million, or $0.13 per diluted share in the prior-year quarter. Net sales for the first nine months of fiscal 2024 were $65.1 million, compared with $53.4 million in the prior-year period. Gross profit was 27.3% of net sales for the first nine months of fiscal 2024, as compared with 28.3% in the prior-year period. Net income for the first nine months of fiscal 2024 was $3.9 million, or $0.38 per diluted share, compared with $4.8 million, or $0.48 per diluted share, in the prior-year period. Quarterly Cash Dividend The Company also announced that its Board of Directors declared a quarterly cash dividend on the Company’s Series A common stock of $0.08 per share, which will be paid on April 5, 2024 to stockholders of record at the close of business on March 15, 2024. Conference Call The Company will host a teleconference today at 8:00 a.m. Central Sta...